OR Group says defaults on 592 mln rbl exchange bond

MOSCOW, Jan 20 (PRIME) -- Russian shoe retailer OR Group, previously known as Obuv Rossii, has defaulted on 592 million rubles of the remaining exchange bonds of the seventh series, the company said in a statement on Thursday.

OR Group representative told PRIME that one company held 99% of the bonds, with whom the company had already reached understanding on prolongation of the debt and is coordinating technical details, the representative said.

The company sold the 1 billion ruble 5-year bond in January 2017. The issue comprised 500 bonds with a face value of 2 million rubles each, and OR Group bought back 204 bonds through buyback offers.

(76.8697 rubles – U.S. $1)

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